Michael Moro remembers when Bitcoin felt like it could go to $0. We talked about the transition from that to corporations buying $8 billion in BTC in a quarter, the time he was forced to spend a bitcoin on a case of wine, and the rise of Genesis.
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The cryptocurrency market continues to exhibit signs of volatility. As such, Genesis Global Trading – an institutional over-the-counter cryptocurrency trading and lending firm – decided to hit the pause button on credit extension amidst the coronavirus-tied market chaos.
Recently, Genesis has started to extend credit on a client-by-client basis but is acting gingerly in the market it helped pioneer – at least for a few weeks to figure out where the crypto credit market stands.
Moreover, while Genesis pulls back, its rivals have been willing to give out loans at significantly reduced collateral.
In this episode of the Scoop, Genesis CEO Michael Moro discusses the firm's rationale behind these critical decisions, a recent phone call it received from its regulator FINRA, and how the need for employees to work remotely has impacted its business.
Episode 11 of Season 2 of The Scoop was recorded remotely with Frank Chaparro, Ryan Todd and Michael Moro, CEO at of Genesis Global Trading and Genesis Capital.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Play, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com
In this episode of The Scoop, Frank Chaparro and Ryan Todd interview Michael Moro, Chief Executive Officer at Genesis Trading / Genesis Capital. Genesis Trading is a Digital Currency Group company providing over the counter digital currency trading for high net worth individuals or institutions. In their conversation, Frank, Ryan, and Michael discuss legacy OTC firms adoption of crypto, the challenges of handling big alt-coin transactions, and how crypto lending markets are heating up.
For the transcript and additional reading materials: https://www.theblockcrypto.com/2019/05/07/a-conversation-with-michael-moro-ceo-of-genesis-global-trading/
This talk is from a panel I led on infrastructure in the crypto space at the Time Summit, by Bridge Alternatives, featuring Kayvon Pirestani of director of institutional sales at GDAX, Tim McCourt, CME Group’s managing director and global head of equity products and alternative investments, Michael Moro, CEO of Genesis Trading and Genesis Capital, and Hu Liang, founder and CEO of Omniex. We discussed what infrastructure tools need to be built to get institutional players comfortable with the space, how custodying a digital asset differs from custodying a traditional asset, why they can see institutional players dealing in stablecoins and trading on decentralized exchanges at some point in the future, and what needs to be built out in terms of trading infrastructure for institutional players. (Hint: it turns out Excel and Google Sheets are the biggest competitors for crypto trading infrastructure services.) We also talk about the challenges of building out infrastructure for trading that can suddenly double or quadruple in volume and for a market that runs 24/7/365.
Thank you to Bridge Alternatives and the Time Summit for the panel!
https://www.bridgealternatives.com/
https://timesummit.org/
Kayvon Pirestani: https://timesummit.org/2018/03/19/kayvon-pirestani/
Michael Moro: https://timesummit.org/2018/04/21/michael-moro/
Tim McCourt: https://timesummit.org/2018/03/15/tim-mccourt/
Hu Liang: https://timesummit.org/2018/03/23/hu-liang/
The episode with Mike Belshe where we discuss custodying digital assets and qualified custodians: http://unchainedpodcast.co/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future
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